China trade talks wrap up, with outcome unclear

US-China trade talks extended to third day

Both sides have actively implemented the significant consensus reached by the leaders of the two countries and conducted extensive, in-depth and detailed exchanges on trade and structural issues of common concern, said the statement.

"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured, and other products and services from the United States", the USTR said.

Meanwhile, confirming the conclusion of the trade talks, China's foreign ministry spokesman Lu Kang told a media briefing that "the extension of the talks indicates that both sides are serious about this consultation".

The latest round of talks marked the first face-to-face assembly between Washington and Beijing since President Donald Trump and his Chinese counterpart, Xi Jinping, agreed to a 90-day financial truce at the G20 summit in early December.

If no deal is reached by March 2, US tariffs on $200 billion Chinese goods will rise from 10 percent to 25 percent.

The extended US-China talks to resolve the trade war between the world's two largest economies concluded here on a positive note Wednesday with a senior American official describing the dialogue as "good one" for the US.

Over the past two days, talks have been under way between the USA and China to find a way to end the conflict. In both cases, further declines are on the cards if the talks fail to produce a resolution.

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A member of the U.S. delegation, Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney, told reporters that the team would return to the United States later on Wednesday, and talks were "were wrapping up now".

People familiar with the U.S.

The extra day of talks came amid signs of progress on issues including purchases of US farm and energy commodities and increased access to China's markets. The council and other US business groups have pressed for a resolution to the trade hostilities between the world's two biggest economies.

U.S. officials have long complained that China has failed to live up to trade promises, often citing Beijing's pledges to resume imports of American beef that took more than a decade to implement. Liu made a brief appearance at the talks in Beijing on Monday, boosting optimism that China was serious about making progress.

"Negotiations between the two sides in this area made progress", he said. "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based worldwide order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise". The S&P 500 Index has fallen about 8% since Trump and Xi agreed on a 90-day truce at their meeting in Argentina last month. Trump has complained repeatedly about the USA trade deficit with China, which previous year likely exceeded the 2017 gap of $336 billion.

A reduction in Chinese imports of USA goods came quickly after the retaliatory imposition of tariffs, the data show.

If talks continue to go well, a cabinet-level meeting is likely to happen before the end of the month.

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